City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation	Remark
01/07/22	phillip	City Developments	6.88	9.19	Buy
01/17/22	DMG & Partners	City Developments	7.11	9	Buy
01/18/22	CIMB	City Developments	7.1	8.97	Add
01/19/22	DBS Vickers	City Developments	7.13	10.5	Buy
02/15/22	Lim & Tan	City Developments	7.01	9.05	Accumulate
02/24/22	DBS Vickers	City Developments	7.24	10.5	Buy	PB1.1x FY22
02/24/22	Jefferies	City Developments	7.24	9.5	Buy
03/08/22	DBS Vickers	City Developments	7.01	10.5	Buy	PB1.1x FY22
03/08/22	DMG & Partners	City Developments	7.01	9.25	Buy
03/08/22	UOB Kay Hian	City Developments	7.01	9.2	Buy
03/14/22	phillip	City Developments	7.29	9.19	Buy
03/14/22	Citi Research	City Developments	7.29	10.29	Buy
03/30/22	Lim & Tan	City Developments	7.88	9.23	Buy
04/04/22	CIMB	City Developments	7.92	8.97	Add	RNAV
04/04/22	DMG & Partners	City Developments	7.92	9.25	Buy
04/13/22	DMG & Partners	City Developments	8.2	9.75	Buy
05/18/22	CIMB	City Developments	8.16	8.97	Add	RNAV
05/24/22	Jefferies	City Developments	8.09	9.5	Buy
05/25/22	Lim & Tan	City Developments	8.09	9.2	Accumulate
05/25/22	DMG & Partners	City Developments	8.09	9.75	Buy	RNAV
05/31/22	UOB Kay Hian	City Developments	8.22	9.2	Buy	RNAV (30% discount)
06/01/22	DMG & Partners	City Developments	8.26	9.75	Buy
06/08/22	CIMB	City Developments	8.26	8.97	Add
07/05/22	DBS Vickers	City Developments	7.98	10.5	Buy
07/18/22	CIMB	City Developments	7.54	8.97	Add	RNAV
07/26/22	DMG & Partners	City Developments	7.76	9.75	Buy
08/11/22	DBS Vickers	City Developments	8.25	10.5	Buy
08/11/22	Lim & Tan	City Developments	8.25	9.15	Accumulate
08/12/22	UOB Kay Hian	City Developments	8.24	9.87	Buy	RNAV (30% discount)
08/12/22	DMG & Partners	City Developments	8.24	9.75	Buy	RNAV (45% discount)
08/12/22	CIMB	City Developments	8.24	8.97	Add
08/12/22	Citi Research	City Developments	8.24	10.29	Buy
08/24/22	phillip	City Developments	8.23	8.86	Accumulate
09/12/22	DMG & Partners	City Developments	8.42	9.75	Buy
09/12/22	DBS Vickers	City Developments	8.42	10.5	Buy
09/12/22	Citi Research	City Developments	8.42	10.29	Buy	RNAV (25% disc)
09/16/22	CIMB	City Developments	8.35	8.97	Add	RNAV
09/19/22	UOB Kay Hian	City Developments	8.17	9.87	Buy
10/03/22	DMG & Partners	City Developments	7.6	9.75	Buy
10/04/22	phillip	City Developments	7.55	8.86	Accumulate
10/18/22	DBS Vickers	City Developments	7.48	10.5	Buy	RNAV (35% discount)
11/01/22	DBS Vickers	City Developments	7.63	10.5	Buy
12/01/22	OCBC	City Developments	8.29	8.74	Hold	Cut from $9.12
12/02/22	DMG & Partners	City Developments	8.31	9.75	Buy	RNAV (45% disc)
12/07/22	phillip	City Developments	8.24	8.86	Accumulate	RNAV (35% discount)
12/09/22	CIMB	City Developments	8.15	8.97	Add
12/15/22	UOB Kay Hian	City Developments	8.25	9.87	Buy	RNAV (30% discount)
12/16/22	Lim & Tan	City Developments	8.26	9.62	Accumulate on weakness

Choo Chiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/14/22	Lim & Tan	Choo Chiang	0.32	0	Buy
04/28/22	UOB Kay Hian	Choo Chiang	0.375	0.56	Buy	PER12x FY22

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call
12/19/22	Lim & Tan	Singapore Post	0.535	0.53	Hold

China's public debt is below the world level.

China has a relatively low public debt compared to the world which means that it has the monetary oomph to boost its economic growth with more infrastructure spendings.

China is keeping a tight rein on its debts.

China is keeping a tight rein on its debts because its credit impulse is below its past decade.  This means China can ramp up its quantitative easing when necessary.

China has reduced US treasuries to $900B!

China is still selling its US treasuries.  Things will be bad for the US if China reduces its US treasuries below the UK.

Baltic dry index - 1560

 Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 776

Related stock: Sembcorp Marine & Cosco.

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/25/22	UOB Kay Hian	China Sunsine	0.49	0.695	Buy	PER6.4x FY22
02/25/22	CIMB	China Sunsine	0.49	0.78	Add
05/19/22	CIMB	China Sunsine	0.44	0.67	Add
08/16/22	CIMB	China Sunsine	0.47	0.7	Add	PB0.9x FY23
11/29/22	CIMB	China Sunsine	0.41	0.6	Add	PB0.7x FY23
12/08/22	UOB Kay Hian	China Sunsine	0.395	0.453	Buy	PER4.9x F23

China Everbright - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/22	Lim & Tan	China Everbright	0.33	0.4	Accumulate
06/28/22	Lim & Tan	China Everbright	0.295	0.39	Buy

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/03/22	DMG & Partners	China Aviation Oil	0.935	1.09	Buy
02/28/22	DBS Vickers	China Aviation Oil	0.94	1.2	Buy
03/03/22	DBS Vickers	China Aviation Oil	0.91	0.85	Hold	PER11x FY22
03/03/22	DMG & Partners	China Aviation Oil	0.91	1	Neutral
04/01/22	DMG & Partners	China Aviation Oil	0.915	1	Neutral	Sum of parts

Stock calls for 16 December 2022

Date	Analyst	Company	Last	Target	Call	Valuation
12/16/22	Lim & Tan	City Developments	8.26	9.62	Accumulate on weakness
12/16/22	DMG & Partners	UOB	30.87	34.9	Buy	GGM, PB1.26x FY23